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Google reached $1000 for the first time on optimism about new advertising
for wireless devices & online video. The company is benefiting from ads for new formats after expanding beyond
delivering advertisements alongside search results on desktop computers.
GOOG should take 33% of the global online-advertising market
this year, up from 31% in 2012, according to EMarketer. GOOG already has one of the highest market capitalizations in the US at about $330B, trailing only Apple (AAPL) & Exxon Mobil (XOM - a Dividend Aristorat). As
the company navigates a shift to mobile promotions from pricier
search-based ads on desktops, it is relying on a simple maxim: volume,
not just price. Last qtr, the volume of clicks on advertisements
climbed at the fastest pace this year, compensating for a drop in
average-ad prices. GOOG
also stepped up investments to boost capacity & introduce services
that encourage marketers to direct more spending toward wireless
devices. Q3 revenue, excluding
sales passed on to partner sites, was $11.9B, exceeding the projection of $11.6. EPS excluding certain items was $10.74,
topping the projection of $10.36. Net income jumped 36%
to $2.97B from the year-earlier period. The stock a startling 122 to 1011.

Google (GOOG)

General Motors 9 month
worldwide vehicle sales rose 4.6% to 7.25M as the largest
US automaker vies with Toyota (TM) & Volkswagen for the top spot globally. Q3 deliveries rose 5.5% to almost 2.4M cars & trucks with the largest gains in North America & the Intl Operations unit (which includes China). GM, Toyota & VW are locked in a 3-way race for global
sales supremacy. Toyota recaptured the annual global lead from
GM in 2012 as the Japanese automaker recovered from Asian
natural disasters in the previous year. Then GM edged out TM
for the top spot in Q2-2013, narrowing TM’s lead. TM hasn’t yet announced Q3 global sales
results. VW deliveries rose 4.8% to 7.03M cars &
trucks for YTD. The toughest battle between GM & VW is playing out in
China where both have forecast sales climbing to 3M this year. GM’s lead over VW in China narrowed to less
than 1% in 2012. VW finished Q3 ahead of GM in China. The
German automaker’s 9 months sales in China rose 18% to
2.35M, boosted by locally
produced vehicles such as Audi’s Q3 & Q5 sport-utility
vehicles. But European deliveries contracted 2.4% to 2.73M vehicles. Sales of GM & its partners in China rose 11% to
2.31M YTD over the
same period a year earlier. Deliveries of GM’s Cadillac
increased 51% as the automaker works to
expand the luxury brand in China. Cadillac also helped increase GM sales in the US where
deliveries rose 7.6% YTD
compared with a year earlier, according to Autodata
Corp. The stock rose 21¢.

General Motors (GM)

Photo: Bloomberg

Boeing, a Dow stock, will slow production of its double-decker 747 jumbo jet as demand continues to be weak. Including cancellations, BA has not booked any new orders this year for that plane & production will slow to 18 per
year, or 1½ per month. BA originally planned to build 24 per year,
but slow sales had already prompted it to make plans to cut the rate to
21 per year. The slowdown begins early next year, & it will stay at that lower rate through 2015. The slower rate "doesn't change our confidence in the 747-8 or our
commitment to the program," said Eric Lindblad, Boeing's VP & general manager for the 747. The 747 has been flying with airlines since 1970, & it was popular
at first for its long range & large size. But the revamped 747-8 first
delivered in 2011 has not been selling well. More than half of the
orders have been for freighters, & even that market has been weak. The 747-8 faces tough competition from the larger Airbus A380, which
has been available longer. It also competes with Boeing's smaller 777,
which has been a best-seller. BA has booked orders for a total of 107 of the jets, with 51 yet
to be delivered. The biggest buyer of the passenger version has been Lufthansa, with
orders for 19, including 9 that have been delivered. No US airlines
have bought it. The 747's list price of around $350M makes it the most
expensive plane at BA. The stock went up 16¢.

Boeing (BA)

This was another quiet day in the markets. Debt default dominated the news this week & that has faded away. After the US muddled by, there was not a lot to do. But the problem remains regarding the lack of will by the US to deal with massive deficits. Earnings from the retailers will be reported in a few weeks & those will give a better idea of how much damage the debt debate has done to retail sales & the economy. Meanwhile the stock market is not concerned. Tomorrow's problems will take care of themselves.

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